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Scaling Startups for Success in Latin America

Latin America is among the most dynamic emerging markets in the world, resulting in a tremendous amount of opportunity for startup success.

Breaking into foreign markets requires a delicate balance of a myriad of moving parts. Founders must perform thorough market research and consider the major operational, legal, and financial implications of scaling internationally. They must determine key cultural differences from the perspectives of social interaction and technological infrastructure, and meanwhile ensure that online communities are are helped, not hindered, by the introduction of international users.

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Questions

One of the initial challenges when considering international expansion is identifying opportunities in a given market. What advice would you give to entrepreneurs considering expansion to Latin America as they begin their due diligence process? What opportunities do you know of in your markets that have yet to be exploited?

What challenges do startups face while allowing a heterogeneous global community to flourish without detracting from the experiences of each individual local community? What assets does a founder need to overcome these challenges?

Key differences in the implementation and perception of technology infrastructure can bear heavily on the success of scaling an existing product to a foreign culture. A great example of this is the &quot;missed call&quot; phenomenon in India, where mobile users avoid outgoing call charges by hanging up after a few rings to ping the intended recipient. This unprecedented use would render a texting application irrelevant. How do you evaluate the technological relevancy of a product in unfamiliar markets?

Likewise, cultural differences can dramatically affect the relevancy of a product in a foreign market. What steps should founders follow in order to evaluate key differences, and how do these findings affect a launch strategy? At what point do you find that the cost of overhauling a marketing strategy to fit a culture discourages expansion?

Expanding internationally brings up complex operational, financial, and legal implications that must be considered. Although this panel will not have the time to properly address these in full, what are some of the key issues, best practices, and resources that will benefit founders as they expand their business?